Question

Prepare the entries for the following dates: On March 1, 2020, Jakub Industrial gave Sun Co....

Prepare the entries for the following dates:

On March 1, 2020, Jakub Industrial gave Sun Co. a 180-day, 8%, $78,000 note

payable to extend a past due account payable.

Jakub Industrial recorded a April 30th year end adjusting entry.

On August 28, 2020 Jakub Industrial recorded a payment of the note.

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